Oil rises on concerns about Libya and supplies

Source: Agencies | March 22, 2011, Tuesday |

Online Edition

OIL prices climbed yesterday as energy experts warned that Libya's oil exports could be off the world market longer than expected.

Benchmark West Texas crude for May delivery gained US$1.24 to settle at US$103.09 a barrel on the New York Mercantile Exchange. The April contract, which ends today, rose US$1.26 to settle at US$102.33 per barrel.

Analyst Jim Ritterbusch said he expects oil prices will swing up and down this week as traders react to headlines out of the Middle East. "You could draw up 50 different scenarios for what could unfold over there," Ritterbusch said.

Meanwhile analysts said Japan will increase imports of oil and gas to replace power lost from nuclear reactors damaged in the massive earthquake and tsunami that struck that country. Three of six idled oil refineries also were back online last week, according to Platts, the energy information arm of McGraw-Hill Cos.

In other Nymex trading for April contracts, heating oil gained 2.82 cents to settle at US$3.0525 per gallon and gasoline futures added 4.8 cents to settle at US$2.9974 per gallon. Natural gas lost less than a penny to settle at US$4.161 per 1,000 cubic feet.

In London, Brent crude rose US$1.14 to settle at US$114.91 per barrel.

Energy

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Oil rises on concerns about Libya and supplies

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